This certificate doesn't help to bypass UAC and "unsecure" prompt still be shown to the user.
Yes, that's correct. EV just skips the reputation building phase.
Source: https://blogs.msdn.microsoft.com/ie/2012/08/14/microsoft-sma...
> Programs signed by an EV code signing certificate can immediately establish reputation with SmartScreen reputation services even if no prior reputation exists for that file or publisher.
No user will understand this though.